Unemployment hits new lows

An unexpected fall in unemployment has increased the risk of wage increases which would further fuel inflation. The chances of further rate rises by the Reserve Bank over the next few months have increased with the jobless rate hitting a 33-year low of 4.1 per cent in January. With close to 27,000 jobs created last month the number of people in employment has increased for a record-breaking 15 consecutive months. The number of part-time positions was up strongly while full-time jobs actually fell, possibly indicating that employers are being forced to take on part-time staff as not enough workers were willing to take on full-time jobs.

Source: Sydney Morning Herald